Australia has passed new legislation requiring crypto platforms to obtain financial services licenses, a major step in regulating the fast-growing industry.

gave LegislationTitled “Corporations Amendment (Digital Assets Framework) Bill 2025”, the Senate on Wednesday cleared both houses of Parliament. It was introduced by the Treasury in November 2025.

The bill brings crypto service providers under the financial services licensing regime. Specifically, it mandates that “digital asset platforms” and “tokenized custody platforms” hold an Australian financial services licence.

While the bill does not clearly define “digital assets,” an official Explanatory memo notes that digital assets are “subject to the same general legal framework as other assets, including property, consumer, bankruptcy, criminal, family and tax laws.”

Under the new legislation, crypto platforms are required to operate “efficiently, honestly and fairly”, provide clear disclosures about how customer assets are stored, and maintain strong governance and risk controls.

According to the memo, the framework is expected to begin 12 months after Royal Assent, with a transitional period for businesses to comply.

Crypto Regulation Milestones

Industry participants have hailed the passage of the bill as a major milestone for crypto regulation in the country.

“For the first time, we have a clear regulatory foundation that recognizes digital assets as a future part of financial market infrastructure – not as a fringe invention, but as a legitimate and growing asset class,” OKX Australia CEO Kate Cooper said in a statement shared with The Block.

“The focus now shifts to implementation – clear standards, strong consumer protections and ongoing industry engagement with regulators will be essential to ensure Australia builds a system that is reliable and globally competitive,” Cooper said.

Coinbase’s APAC managing director John O’Loghlen echoed similar sentiments, describing the bill’s passage as a “defining moment” for Australia’s crypto industry.

“While this strengthens Australia’s position in the global digital economy, we urge the government to prioritize the development of its broader reforms to digital assets and tokenisation,” added O’Loghlen. O’Loghlen added.

Advocacy group Stand With Crypto Australia said the bill gives Australian crypto users “the certainty and protections they have long deserved.”

“But our advocacy doesn’t stop there,” said a spokesperson for Stand With Crypto Australia. “Debanking remains a serious and unresolved issue for crypto users across Australia, and we will be pressing the government to take action.”

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